
Solano Vista
We purchased Solano Vista in October 2019 from a regional real estate group. Glendale rents had trailed greater Phoenix rent growth despite strong recent economic data. The seller had renovated the exterior but not interior units leaving untapped value-add potential. We increased rents on renovated units by more than 50%. After selling, we deferred taxable gain for investors with a 1031 exchange into another Phoenix asset.
Property Summary
State
Glendale, AZ
Units
352
Year Built
1974
Previous
Next
Investment Summary
Purchase Price
$30.8MM
Total Investment w/Rehab
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NOI Increase %
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Sales Price
$56.1MM
Equity Investment
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Net IRR
77%
Net Multiple
3.1X
Hold Period
2 Years